Warren Buffett, the legendary investor who famously dismissed Bitcoin as "rat poison squared" and vowed he wouldn't buy all the cryptocurrency in the world for $25, officially steps down as CEO of Berkshire Hathaway on Wednesday after six decades at the helm of the $1 trillion conglomerate. Buffett, 94, hands operational control to Greg Abel while remaining as chairman, marking the end of an era defined by value investing, long-term bets on American business and pointed skepticism toward digital assets that became a defining feature of his later years.
'Rat Poison Squared' And A $25 Offer For All Bitcoin
Buffett's most memorable remarks on Bitcoin came during Berkshire Hathaway's 2018 annual meeting in Omaha, where he escalated his criticism of the cryptocurrency beyond his earlier "rat poison" comment from 2014.
"It's probably rat poison squared," Buffett told CNBC, referring to Bitcoin's speculative nature and lack of intrinsic value.
The comment came as Bitcoin traded around $9,000, having collapsed from nearly $20,000 months earlier.
At Berkshire's 2022 shareholder meeting, Buffett sharpened his critique further, telling tens of thousands of assembled investors that he wouldn't pay $25 for all the Bitcoin in existence.
"If you told me you owned all of the Bitcoin in the world and you offered it to me for $25, I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything," Buffett said, contrasting the asset with productive investments like farmland or apartment buildings that generate income.
"Assets, to have value, have to deliver something to somebody. And there's only one currency that's accepted. You can come up with all kinds of things—we can put up Berkshire coins... but in the end, this is money," he added, holding up a $20 bill.
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Munger's 'Turd' Comment And Berkshire's Crypto Stance
Buffett's late business partner, Charlie Munger, was equally dismissive.
At the 2021 annual meeting, Munger called Bitcoin "disgusting and contrary to the interests of civilization."
In a 2022 interview with the Wall Street Journal, he said he was "proud" Berkshire had avoided cryptocurrencies, adding, "I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization and I'll leave the criticism to others."
Munger later described cryptocurrency as a "turd" and likened its promotion to a "venereal disease."
A 60-Year Track Record Built On Tangible Value
Buffett's retirement comes after he transformed Berkshire from a failing textile mill he began acquiring in 1962 at $7.60 per share into a conglomerate whose Class A shares now trade above $750,000.
His personal fortune, built almost entirely on Berkshire stock, stands at roughly $150 billion even after donating more than $60 billion to charity over the past two decades.
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